rewrite this title Financial Checklist: 10 Key Steps for a Comprehensive Review

Credit cards can be powerful tools for maximizing rewards, but when they’re managed unwisely, they can also easily lead to overspending and major debt accumulation. The financial and emotional stress that results from this debt can far outweigh any perks gained from the cards in the first place.

Step 7: Negotiate and Eliminate Fees

Review your monthly and/or annual fees across all relevant platforms and utilities: 

Banking and investment account fees

Many banking and investment fees often go unnoticed. Make sure to take time to identify, negotiate, or avoid them altogether.

When it comes to banking, review all your bank statements for hidden fees like monthly maintenance fees, minimum balance penalties, or excessive transaction costs. Many banks will waive these fees if you ask. 

For investments, compare expense ratios and management fees against industry benchmarks, as even small differences can significantly impact long-term returns.

Finally, assess whether premium account features are worth the cost—banks often charge for extras like paper statements or cashier’s checks, which not everyone needs.

Credit card annual fee assessment

Look at your credit cards’ annual fees in order to decide if each one is worth keeping. You might find that it makes more sense to renegotiate for a waiver or retention offer, or downgrade to a no-fee version altogether.

Start by creating a value analysis for each card with an annual fee by listing all the benefits you’ve actually used in the past year and assigning a dollar value to each. If the perks don’t outweigh the cost (the annual fee), it might be time to consider canceling that card.

If you’re on the fence about canceling, call your card issuer to ask about retention offers or fee waivers; many companies provide incentives to keep loyal customers. If maintaining your credit history length is a concern, consider downgrading to a no-fee version instead of canceling outright.

Insurance premiums

Lower your insurance costs by requesting premium reductions based on positive life changes, such as an improved credit score, home security upgrades, or the completion of a defensive driving course. 

If you have multiple policies, bundling them with the same provider can lead to discounts. However,  always compare the bundled price with separate policies from different insurers to ensure you’re getting the best deal. 

Step 8: Plan Your Income Growth

Now that you have a clearer understanding of your current financial standing, your annual financial review should focus on strategies for increasing your income and building long-term wealth.

Set salary negotiation targets

If you’ve been in your current role for a while, consider planning a salary negotiation in the near future by following these steps: 

Research industry benchmarks: Use platforms like Glassdoor or PayScale to set realistic salary expectations.
Document your achievements: Focus on measurable contributions that showcase your impact.
Plan your negotiation strategy: Consider timing (performance reviews work best), decide on  your target ask amount, and prepare responses to potential objections.

If your current employer isn’t open to a salary renegotiation, consider exploring higher-paying opportunities elsewhere that better match your skills and experience.

For a more detailed guide, check out my article on how to negotiate your salary (with scripts you can follow). 

Explore side hustle opportunities

If you’re serious about increasing your income, a side hustle can be a powerful way to achieve your financial goals and work toward your Rich Life.

Start by identifying marketable skills or assets you already have that can generate additional income. When choosing a side hustle, assess its feasibility based on income potential, scalability, startup costs, time investment, and alignment with your interests and schedule.

One way to reduce financial risk is to start small with a test project. This approach allows you to gauge market demand and refine your offering before committing significant time or money. 

I dive deeper into side hustles—including ideas, strategies, and key considerations—in these articles:

Develop skills that increase earning potential

One of the most effective ways to boost your income is by investing in professional and personal development.

If you work in a specialized field, identify high-value skills that command premium compensation or give you a competitive edge. Then, create a learning plan to acquire or refine these skills. Within your organization, take on responsibilities that give you valuable experience and position you for future career growth. These opportunities can serve as stepping stones to higher earning potential.

Finally, evaluate whether formal education, certifications, or specialized training would provide a strong return on investment in terms of career advancement and salary growth. 

If you’re ready to invest in your future with high-value skills, check out these IWT Programs. I cover a wide range of topics, all designed to help you increase your earning potential and build your Rich Life.

Step 9: Protect Your Financial Future and Legacy

Managing your finances isn’t just about the present; it’s also about future-proofing your wealth and legacy.

Create or update your will and/or estate plan

If you don’t have a will yet, make that your first priority. Ensure your will accurately reflects your current wishes regarding asset distribution, guardianship, and other key decisions.

Consider adding essential estate planning documents like a living will, healthcare proxy, and durable power of attorney to safeguard your interests in various circumstances.

It’s important to review and update your estate plan regularly, especially after major life events like marriage, divorce, births, or financial changes.

Check account beneficiary designations

Regularly review and update beneficiary designations on your retirement accounts, life insurance policies, and investment accounts; these designations typically override any will instructions and allow for the direct transfer of assets to named individuals.

Where possible, add contingent beneficiaries as a backup plan in case your primary beneficiary is unable to receive the assets for any reason.

If you’re looking to build a strong financial legacy, check out this post where I share 7 key habits for long-term wealth.

Step 10: Set Goals for the Coming Year

To wrap up your financial overview, it’s helpful to set clear, actionable financial goals for the year to keep you accountable: 

Identify three major financial priorities

When setting financial goals, focus on a few high-impact priorities instead of an overwhelming list. Choosing three key goals allows for concentrated effort and sustainable progress.

Balance your priorities by addressing different aspects of your finances. For example, setting one debt-reduction goal, one saving or investing goal, and one income-growth goal will result in a well-rounded strategy. 

To stay motivated, frame your goals positively in terms of what you’ll gain rather than what you’ll sacrifice. For example, instead of saying, “Spend less on dining out,” reframe it as, “Build a $10,000 emergency fund.” This helps you visualize what you’re working toward, which makes the progress feel more rewarding.

Set goals that are specific and measurable, with clear deadlines. Swap vague intentions like “Save more” for “Save $500 per month to build a $6,000 emergency fund by December” to give yourself a clear, trackable path forward.

Schedule quarterly mini-reviews

Instead of relying solely on an annual financial check-in, schedule brief quarterly reviews to assess progress, address challenges, and adjust your strategy as needed.

These reviews keep you on track, help you identify obstacles early, and give you a chance to celebrate wins—keeping you motivated throughout your financial journey.

Regular reviews also enhance your financial self-awareness. By tracking patterns in your spending, saving, and investing habits, you’ll gain valuable insights that allow you to refine your approach and make smarter financial decisions over time.

Your Financial Checklist Action Plan

Now that you have a clear understanding of what a financial review comprises, here’s how you can put it into action: 

How to implement this checklist effectively

Break this checklist into manageable chunks to avoid feeling overwhelmed. You don’t have to complete everything in a day. Consider tackling one major section per week, completing the whole list in a month or two.

Start with quick wins that deliver immediate results, such as negotiating bills or canceling unused subscriptions. These small victories build momentum before you move on to more complex financial tasks.

Schedule a dedicated “money day” in your calendar to focus exclusively on financial maintenance. Eliminating distractions and setting aside intentional time can make the process smoother and more effective.

Finally, shift your mindset and view these sessions as an investment in your future, not a tedious chore. That way, you’ll be excited to review your finances knowing it leads to long-term financial success.

Tools and apps to streamline the process

Gone are the days of managing your finances with pen and paper or manually updating a blank spreadsheet. Today, financial management is simpler than ever if you have the right tools.

Leverage financial aggregation apps like Empower or YNAB to automatically track your spending, categorize expenses, and monitor investment performance—all in one place. If you prefer a structured approach, use readily available budgeting templates to simplify the process.

Set calendar reminders or use specialized finance apps to schedule regular check-ins and make sure nothing slips through the cracks. Automating bill payments, savings contributions, and investment reviews can also help keep your finances on track with minimal effort.

When to seek professional guidance

For most people, managing finances independently is entirely possible with dedication and the right tools. However, there are certain situations where you might need professional guidance from a financial advisor or attorney, such as navigating complex tax scenarios, establishing a plan for your estate, or developing investment strategies for significant assets.

If you’re unsure whether hiring a financial advisor is the right move for you, check out this guide to help you make an informed decision.

Making this an annual tradition

Just like any other annual planning or review, schedule your financial check-in at a consistent time each year—ideally during a naturally reflective period, such as December or January.

Rather than viewing this process as stressful or intimidating, treat it like a personal financial journal, tracking your progress and understanding how your priorities have evolved. It might also be helpful to involve your partner or family members in relevant parts of the review to align your financial goals and pass down valuable money management skills.

For deeper insights on taking control of your finances and creating a fulfilling Rich Life, check out my New York Times bestselling books, I Will Teach You To Be Rich and Money For Couples.